Los Angeles Mayor Antonio Villaraigosa and the City Council on Tuesday denounced the $700-billion rescue plan for the nation’s financial institutions, saying the deal provides too much power to U.S. Treasury Secretary Henry Paulson.

As he asked his department heads for a written update on the impact of the financial crisis on city services, Villaraigosa criticized the bailout plan being reviewed by the nation’s lawmakers, saying it lacks the proper checks and balances.

“It’s absolutely ludicrous that anybody would propose a $700-billion bailout that could go to more than a trillion dollars … without regulation, without accountability,” said Villaraigosa, appearing at an event focused on attracting clean technology companies to Los Angeles. “The idea that we would do that without any strings attached boggles the mind.”

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